40 percent downpayment for $1M plus homes in California

02/4/2010 10:51:00 PM
Posted by admin

The downpayment requirement for $1M + homes in California is at nosebleed levels.

A total of 18,621 Golden State homes sold for a million dollars or more last year. That was down 23.8 percent from 24,436 in 2008. In 2007 it was 42,506; in 2006 it was 50,010; and in 2005 it peaked at 54,773… Among buyers who got mortgages, the median down payment was 39.4 percent of the purchase price. Bank of America, Wells Fargo and Union Bank were the top lenders for the $1 million-plus homes, according to DataQuick.


This entry was posted on Thursday, February 4th, 2010 at 10:51 pm and is filed under California Economy, Housing price. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a comment, or trackback from your own site. You can .
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